Dont' Miss Out on HomeBuyer Tax Credit!

Here are the new key provisions:
 

• The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.
• Current homeowners are eligible for a $6,500 tax credit, provided you have lived in the home you are selling as a principal residence for five consecutive years within the last eight years.
• Income limits for eligible buyers were increased from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for married couples.
• Time has been added to allow for closing the home purchase. As long as you have a binding contract by April 30, you will then have until June 30, 2010, to close the transaction.
• To qualify, the home must be your primary residence and have a purchase price of $800,000 or less.

Here’s how it works:
 

• The amount of your credit will be first credited toward any tax liability for the year of purchase. Then the remainder will be refunded to you. (For example a first-time buyer with a $2,000 tax liability would receive a check for $6,000).
• Any single-family residence purchased to be used as a principal residence (including condos, co-ops) will qualify if it is purchased by April 30, 2010 for $800,000 or less and closed by June 30, 2010.
• The full amount of the credit is available for individuals with adjusted gross income of no more than $125,000 or $225,000 on a joint return. Above those incomes, the amount of the tax credit decreases until the maximum limit is reached – $145,000 for an individual or $245,000 in joint income.

For detailed information about the tax credit, call 808-989-6556 or email Marni@MarniShirley.com